In this paper systemic problems of Ukrainian banking sector are reviewed and the solutions are offered. The main objective of the study is to examine the relationship between a financial deepening and economic growth in Ukraine by estimating several multiple regression models over the 1993 to 2015 period. A real GDP growth per capita was used as an indicator for the economic growth. The domestic credit to private sector (% of GDP) was used as an index of financial depth. The study concludes that financial deepening causes a slight impact on the economic growth of Ukraine. A low level of impact is an indicator of a limitedness of lending to the real economy. This means that banking sector has not become the real driving force of the economic growth in Ukraine yet. The study suggests a statement that policy makers should design the policies which will encourage lending especially high tech production, small and mid-size business, micro financing to the real economy to promote economic growth and increase employment.
Olimpia Neagu, Doru Ioan Ardelean and Vasile Lazăr
India: Cointegration and Causality Analysis in an Open Economy. Renewable and Sustainable Energy Reviews, Vol 18, pp. 519–527.
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The paper analyses the link between globalisation and economic growth in Romania for a time span of 24 years. Data from World Bank were used in an econometrical model in order to highlight the impact of globalisation, expressed by the KOF globalisation index and its components (economic, social and political globalisation indices) on economic growth rate. A statistical strong and positive link is found between GDP per capita dynamics and overall globalisation index as well as between GDP growth rate and economic and political globalisation, except the social dimension of globalisation which has a negative impact on economic growth in Romania for the time span 1990-2013.
The paper aims to examine taxation in the EU in correlation with regional development measures implemented. We started with the EU vision on regional development. If during the 2007-2013 period, were pursued three major objectives (convergence, regional competitiveness and territorial cooperation), in the current 2014-2020 funding period, money is allocated differently between countries that are deemed to be more developed, in transition and less developed. These categories are set according to GDP per capita. Next we exposed the fiscal changes made in the EU in 2010-2011 period and then we corelate them with the strategy for regional development for five member states: Romania, Bulgaria, Czech Republic , Hungary and Poland. We used data reported by Eurostat regarding the evolution of unemployment rate and for the foreign direct investments in 2007-2012 period. We also brought up and changes required by the new Romanian Fiscal Code. According to it, measures such as reduction of income tax for new micro enterprises or extending the VAT reverse charge mechanism in many sectors of activity, are meant to encourage foreign capital inflows and also to increase the level of regional development. As a general conclusion, we found that there is a direct link between fiscal policy and regional development; fiscal measures implemented influence the level of unemployment, economic growth, and competitiveness in the private sector.